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Novosadov [1.4K]
3 years ago
15

Prepare a journal entry for the purchase of office equipment on February 19 for $31,700, paying $7,600 cash and the remainder on

account. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Business
1 answer:
Pani-rosa [81]3 years ago
8 0

Answer:

Dr Office equipment 31,700

Cr cash 7,600

Cr Accounts payable 24,100

Explanation:

Preparation of the journal entry for the purchase of office equipment on February 19

Based on the information given the if asset was purchased on February 19 for the amount of $31,700 in which the company paid the amount of $7,600 cash and the remainder on account which means that the journal entry will be:

February 19

Dr Office equipment 31,700

Cr cash 7,600

Cr Accounts payable 24,100

(31,700-7,600)

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Chillmax Company had planned to sell 3,500 pairs of shoes at $60 each in the coming year. Unit variable cost is $21 (includes di
Tema [17]

Answer:

Margin of safety (units)= 1,500 units

Margin of safety (dollars)= $90,000

Explanation:

Giving the following information:

Sales= 3,500 units

Selling price= $60

Unitary variable cost= $21

Total fixed cost equals $78,000

First, we need to calculate the break-even point both in units and dollars:

Break-even point in units= fixed costs/ contribution margin per unit

Break-even point in units= 78,000/ (60 - 21)

Break-even point in units= 2,000 units

Break-even point (dollars)= fixed costs/ contribution margin ratio

Break-even point (dollars)= 78,000/ (39/60)

Break-even point (dollars)= $120,000

Now, we can determine the margin of safety:

Margin of safety= (current sales level - break-even point)

Margin of safety (units)= 3,500  - 2,000= 1,500 units

Margin of safety (dollars)= 210,000 - 120,000= $90,000

8 0
3 years ago
International businesses need to understand the nature of the globalization debate and observe how their own practices may act i
mylen [45]
International businesses need to understand the nature of the globalization debate and observe how their own practices may act in support of, or against globalization.

a. True
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8 0
3 years ago
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Snap Dragon Photo reported the following figures on its December 31, 2016, income statement and balance sheet:Net Sales $440,000
siniylev [52]

Answer:

Assets turnover ratio= 1.64 times

Explanation:

The asset turnover is the he amount of sales generated by one dollar invested in asset. it measures how efficient the business is in generating sales using assets

Assets turnover ratio = net sales / Average assets

<em>Asset at the beginning of year 2016</em>

=26,000  + 56,000 +    79,000 +     8,000  + 180,000 = 349 ,000

<em>Asset at the end of year 2016</em>

$28,000  + 58,000 +    76,000  +  14,000 +  11,000= 187 ,000

Average assets = Opening value of asset+ closing value of assets/2

= 349 ,000 + 187 ,000= 268 ,000

Assets turnover ratio = net sales / Average assets

=440000/268,000= 1.64 times

Assets turnover ratio= 1.64 times

Total assets =

3 0
3 years ago
Joan, is a jewelry designer who had created a unique new jewelry piece called a neacklet. It can be either a necklace or a brace
patriot [66]

Answer and explanation:

In Joan's case, a general partnership will provide her control over her business that will be shared with the older gentleman who owns a jewelry store. Profits would be distributed evenly regardless of the contribution of each partner in the business. However, the older gentleman has offered Joan the chance of purchasing his share later on which would provide her the total control of the business and the patent of her creation.

The other option Joan has available is purchasing a franchise. This will allow Joan to avoid the initial costs of introducing her products to the market and the risks of not having enough consumers since her brand name is new. Though she will lose access to the patent of her creation and periodically Joan will need to pay NewJewelry a fee for using its name.

Therefore, <em>as Joan prefers to have control over her designs, it would be more convenient for her to choose the general partnership.</em>

6 0
3 years ago
Jose opened a Premier account at City National Bank of Iowa with a minimum required deposit of
Andrew [12]

Answer:

$1,025.299

Explanation:

The formula for compound interest is

FV = PV × (1+r)^ n

Where Fv is the future value

Pv is the present value = $1000

r is interest rate = 1/2 %  or 0.5% per year

n is five years

interest is compounded quarterly,  

Interest per quarter = 0.5% /4 = 0.125%  which is 0.00125

n will be 5 years x 4 quarters = 20 periods

Fv= $1000 x (1 +0.00125)^20

Fv =$1000 x(1.00125)^20

Fv= $1000 x 1.025299

Fv = $1,025.299

4 0
3 years ago
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